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What is ex-right price of hendras share

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Question 1: Hendra Heights Ltd has 28 000 000 shares on issue. The company makes a rights issue on the basis of one share for every four already held. The subscription price for a new share is $4.20 per share. If all rights are taken up such that the issue is fully subscribed, and the current market value of the company's shares is $7.50, what is ex-right price of Hendra's share?

Option 1: $4.20

Option 2: $16.8

Option 3: $16.8

Option 4: $6.84

Option 5: $7.50

Reference no: EM132499663

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